INDIAN HOUSING LOAN GUARANTEE PROGRAM[印度住房贷款担保计划](PPT-124).ppt

L- * L- * L- * L- * Provide a blank URLA ….Review with participants L- * What are we looking for on the paystub? What are we looking for on the VOE? L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * What is the Section 184 Program? Why do we need it? L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * L- * SINGLE CLOSE CONSTRUCTION EXPENSES The following expenses can be included in the loan amount , if supported by the appraisal: Inspections Up to 2.5% loan origination fee Contingency Reserve 0-6 mortgage payments Title update fees Permits Section 184 Training, Sponsored by HUD SINGLE CLOSE CONTINGENCY REQUIREMENT $0 - No contingency for manufactured and modular homes 10% requirement for site built, site work, rehabilitation Included in loan: unused portion used to pay down unpaid principal balance Excluded from loan: separate escrow; unused portion may be returned to borrower Section 184 Training, Sponsored by HUD SINGLE CLOSE REHAB LOANS Acquisition or existing debt + improvements can’t exceed program LTV requirements $10,000 + of improvements required for eligibility Appraisal requirements or borrower’s wish list allowable. Luxury items and items not a permanent part of the property are not eligible Section 184 Training, Sponsored by HUD SINGLE CLOSELOAN PROCESSING Borrower/contractor determine cost to construct /rehabilitate Appraisal based on completed or after improved value Lender completes construction/rehab worksheet; to determine mortgage amount Section 184 Training, Sponsored by HUD SINGLE CLOSELOAN PROCESSING (Cont.) Lender submission package to include all construction documents: Single Close Max Mortgage Worksheet Plans Specs/Description of Materials Site Map and Plot Plan Proposed Contractor/Homeowner Agreement and Breakdown of